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	<title>China Financial Markets &#187; Zakaria</title>
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		<title>Why is the balance of payments constraint such a mystery?</title>
		<link>http://www.mpettis.com/2008/11/23/why-is-the-balance-of-payments-constraint-such-a-mystery/</link>
		<comments>http://www.mpettis.com/2008/11/23/why-is-the-balance-of-payments-constraint-such-a-mystery/#comments</comments>
		<pubDate>Sun, 23 Nov 2008 12:18:41 +0000</pubDate>
		<dc:creator>Michael</dc:creator>
				<category><![CDATA[Balance of payments]]></category>
		<category><![CDATA[Reserves]]></category>
		<category><![CDATA[Trade protection]]></category>
		<category><![CDATA[Zakaria]]></category>

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		<description><![CDATA[Fareed Zakaria usually writes very interesting pieces on international policy issues, but it seems to me that there is so much mystery about how the global balance of payments works that he, like so many others, makes simplifying assumptions that don’t take the balance into account, and for that reason just don’t make sense. In [...]]]></description>
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